Fatwa #3220227 February 2015Malaysia
Binary trade
Question
I wish to refer my previous question which was not answered. However the question relates to binary trade. By reading your response on Fatwa 30915 and Fatwa 31113 is it intended for such kind of tradings. An entity UKOptions claims that their trading is practicing "riba-fee policy" and also "hibah concept". Kindly answer regarding its permissibility. Jazakumullahu khair. Wassalam.
Answer
In the Name of Allāh, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Your query is unclear. What do you mean by “is it intended for such kind of tradings”?
We require more details of UK Option’s Islamic trading policy in order to for us to comment. You may also contact Mufti Faraz Adam al-Mahmudi for further assistance at http://darulfiqh.com/ask-a-question/.
And Allah Ta‘āla Knows Best
Fahad Abdul Wahab
Student Darul Iftaa
USA
Checked and Approved by,
Mufti Ebrahim Desai